The approval
period for regulatory sandbox (demonstration exception or temporary license) is
expected to be significantly reduced from an average of 4-5 months to 2 months.
This is due to the government is promoting the introduction of a fast-track
procedure.
The Ministry of Government
Legislation announced a 41-day legislative preview from May 2 to June 12 of the
amendments to six regulatory sandbox-related laws, including the Promotion of
Industrial Convergence Act, to establish a fast-track procedure for regulatory
sandboxes.
The Legal Affairs
Office, the Office of the Presidential Coordinator for National Security
Affairs, Ministry of Science and ICT and other ministries involved in regulatory
sandboxes* have continuously pursued improvements to the current system to
ensure that regulatory sandboxes become a key innovation platform that drives
new industries in Korea, through special task forces (TFs) of relevant
ministries and the 'Meeting of Regulatory Sandbox Innovators' chaired by the
Prime Minister, and have prepared these amendments based on the discussions
during the process.
* Ministry of Trade,
Industry and Energy, Ministry of Land, Infrastructure, and Transport, Ministry
of SMEs and Startups, Financial Services Commission
The main contents
of the amendments are as follows. Firstly, the approval process for new
products or services that are similar or identical that have already received
regulatory sandbox approval will be drastically simplified for speedy
commercialization. Second, by establishing indemnification and reward
provisions, regulators can perform their duties more creatively and actively.
The details of the proposed amendments can be
found on the Ministry of Government Legislation website, http://moleg.go.kr, or
the Integrated Legislative Consultation Center website,
http://opinion.lawmaking.go.kr, and the public is invited to submit comments
via the Integrated Legislative Consultation Center website, regular mail, or
email.
For
further information, please contact the Public Relations Division (Phone:
+82-44-202-4033, E-mail: yunay@korea.kr) of
the Ministry of Science and ICT
Please refer to the attached PDF.